https://www.taxtmi.com/caselaws?id=270578 Section 194A was read with its exemptions and later amendment to determine tax-deduction liability on interest paid by a co-operative society carrying on banking business. For the period before 1 June 2015, the court treated the amendment as prospective and held that the pre-amendment text did not clearly fasten TDS liability on the assessee, so no deduction obligation arose for the earlier years. It also found no material statutory distinction, for this purpose, between a co-operative bank and a co-operative society engaged in banking business under the broader statutory framework, and the assessee was not placed in a separate adverse category. en-us Thu, 15 Oct 2015 00:00:00 +0530 Mon, 02 May 2016 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270578 Section 194A was read with its exemptions and later amendment to determine tax-deduction liability on interest paid by a co-operative society carrying on banking business. For the period before 1 June 2015, the court treated the amendment as prospective and held that the pre-amendment text did not clearly fasten TDS liability on the assessee, so no deduction obligation arose for the earlier years. It also found no material statutory distinction, for this purpose, between a co-operative bank and a co-operative society engaged in banking business under the broader statutory framework, and the assessee was not placed in a separate adverse category. Case-Laws Income Tax Thu, 15 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270578